Demand for UCITS drives net inflows of EUR36bn in July, says EFAMA
UCITS registered a turnaround in net flows in July to record net inflows of EUR36bn compared to net outflows of EUR65bn in June, according to the European Fund and Asset Management Association (EFAMA).
This positive result can be attributed to all fund categories recording net inflows in July.
Long-term UCITS (UCITS excluding money market funds) registered net inflows of EUR35bn, up from net outflows of EUR25bn in June.
Net sales of bond funds returned to positive territory registering net inflows of EUR6bn, compared to net outflows of EUR18bn in June.
Net sales of equity funds totalled EUR14bn, compared to net outflows of EUR9bn in June.
Net sales of balanced funds increased to EUR9bn in July from break-even point a month earlier.
Money market funds registered net inflows in July of EUR1bn, representing a significant reversal in flows after recording net outflows of EUR40bn in June.
Total non-UCITS recorded increased net sales in July of EUR16bn, up from EUR9bn in June. This increase in net sales can be attributed to special funds (funds reserved to institutional investors) which registered net inflows of EUR12bn, up from EUR8bn recorded in the previous month.
Total net assets of UCITS stood at EUR6,666bn at end July 2013, representing a 1.6 per cent increase during the month.
Total net assets of non-UCITS also increased in July by 1.3 per cent to stand at EUR2,675bn at month end.
Total net assets of the European investment fund industry at end July amounted to EUR9,342bn.
Bernard Delbecque, director of economics and research at EFAMA, says: “Investor demand for long-term UCITS in July was boosted by encouraging economic data and signals from central banks that monetary policy would continue to provide support for economic growth.”
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